Real Estate Sales in Florida Up 45% in October
Existing home sales in Florida where up 45% over last October. Real Estate Owned (REO) and short sales accounted for about 55% of all Florida sales in September.
Median price declines slowed for the fifth month in a row in September. Prices in Miami rose slightly in September while prices in Tampa fell slightly.
Pricing across the state seems to be stabilizing and that good news for sellers, but what about buyers? Well, there’s no doubt that it’s still a buyers market in Florida and the Daytona Beach area market. There are over 4500 residential properties on the market. Foreclosures are not close to going away and short sales, in an attempt to stop foreclosures are very active. But…
We know that prices will eventually start rising again. While we doubt there will be any quick price acceleration, it signals the beginning of the end. We don’t know if we have hit price bottom, but we believe we’re close. If you are serious about long-term real estate investment, now may be the time to consider the advantages of owning a duplex.
Check out more information at Daytona Beach Investment Property.